US extends deadline on Nippon's bid for US Steel, keeping deal hopes alive

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US extends deadline on Nippon's bid for US Steel, keeping deal hopes alive - Business Standard

Quick Summary:

The bid by Japan's Nippon Steel to buy US Steel may have a new lease on life after the Biden Administration extended a deadline for the Japanese steelmaker to abandon plans to acquire the storied Pittsburgh company after President Joe Biden blocked the deal.

Biden nixed the acquisition this month citing a potential threat to national security, though the US Committee on Foreign Investment in the United States, known as CFIUS, failed to reach a consensus on the security issue.

The new deadline, now in mid-June, was viewed by US Steel and investors as an opportunity for the companies to complete the acquisition, even though President-elect Donald Trump, who takes office in a week, also opposes the deal.